You're 100% correct, on the surface. They absolutely do not have the money. But they didn't have the money to buy out Taggart. Like, at all. And they did anyway. So they're clearly in a worse situation, but trust me, if they go 2-10, he's gone. They'll "find" the money. Believe me.
And what you're referring to RE: tax appropriations is also correct, however they're going after that money because they can. If you can get the money from the citizens of your county, then why pay for it yourself? See: Just about every single professional sports stadium in the world. Just last week the Titans owner said he needs money to fix Nissan Stadium, which is falling apart. No, he WANTS tax dollars. Because he doesn't want to spend his own money. He doesn't NEED the tax dollars.
FSU is absolutely in terrible shape financially. But there are definitely still some proud boosters who have deep pockets. They didn't go from buying Jimbo's classes for years to unable to fix a urinal overnight. But they sure as **** are hoping they don't HAVE to dig into those pockets for another buyout. They will, however, if Mike completely implodes this year. It'd have to be really, really bad. But it's possible.
The far more likely scenario is he goes something like 6-6, 5-7, 7-5 etc and they can keep him. The last thing in the world they want to do is buy him out because they really are strapped for cash. But 2-10 and he is 100.0% fired.